IRENA urges contemporary impetus on renewables in ‘crunch’ COP29 summit

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IRENA has known as for renewed worldwide commitments to renewable power on the COP29 assembly that will get underway at this time. Picture: UN Local weather Change.

Regardless of document installations of renewables usually and photo voltaic PV particularly in 2023, the worldwide power transition stays “off monitor” and geographically imbalanced.

That’s the headline conclusion of a report revealed at this time by the Worldwide Renewable Power Company (IRENA) because the COP29 local weather change convention will get underway in Baku, Azerbaijan.

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Final 12 months, renewable power capability elevated by a document 473GW, with photo voltaic PV accounting for 347GW of that.

However with 83% of those additions occurring within the historically sturdy markets of China, the European Union and United States, the ‘World Power Transitions Outlook 2024’ report stated international locations within the International South have been being “left behind”.

As a consequence, the possibilities that the Paris Settlement of 2015 – during which the worldwide group agreed to restrict temperature will increase to lower than 1.5 levels Celsius above pre-industrial ranges – can be achieved have gotten “more and more distant”, IRENA stated.

One of many outcomes of the COP28 assembly within the United Arab Emirates a 12 months in the past was a dedication to triple renewable power deployment by 2030.

To triple renewable power capability worldwide to 11.2TW, IRENA stated a median of 1,044GW would have to be put in yearly between now and the tip of the last decade, a compound annual progress charge of 16.4%.

Presently, put in photo voltaic PV capability reached 2TW globally, in accordance with current information from the International Photo voltaic Council. This new threshold took two years to occur, after reaching the primary terawatt in 2022. Nevertheless, the GSC urged to additional speed up the tempo of photo voltaic PV added to succeed in 1TW of annual capability additions to fulfill the worldwide tripling renewables goal set at COP28.

IRENA stated two key priorities for reaching this must be increasing renewables in areas exterior the same old main markets and scaling up renewables apart from PV, though the report stated photo voltaic would proceed to play a central position in decarbonisation efforts.

IRENA stated “intensive” worldwide collaboration could be wanted to fulfill the 2030 renewables goal and the larger purpose of decarbonisation by 2050. It added that the 1.5 levels goal was nonetheless “technically possible and economically viable” however would require elevated dedication, coverage help and funding “at scale”.

Particularly, IRENA stated international locations’ particular person pledges of motion, often called nationally decided commitments (NDCs), wanted to go additional as they’re presently collectively set to ship solely half of the 2030 renewables goal.

Alongside these commitments, IRENA stated funding would want to extend to fulfill the estimated US$31.5 trillion prices of the 2030 goal.

“We now have reached crunch time,” stated IRENA director-general Francesco La Digital camera. “A strong international finance deal and the subsequent NDCs in 2025 are ‘make or break’ moments to maintain 1.5°C alive. NDCs 3.0 present the final alternative this decade for international locations to step up their acknowledged ambitions.

“Significantly, an settlement on a brand new quantified purpose for local weather finance at COP29 is crucial to make sure a simply transition, help investments within the International South and empower international locations to step up their NDC ambitions. 1.5°C hinges on efforts by G20 international locations. Their NDCs should match international commitments to triple renewable energy capability and double power effectivity by 2030.”

Grid flexibility

An additional problem for policymakers is to search out new market buildings that permit higher deployment of power storage and different grid flexibility measures, that are seen as key to enabling increased penetrations of variable renewable power.

As a tough information, the report stated policymakers ought to plan for 1-2MW of power storage per 10MW of renewable power technology capability, however stated targets for grid enlargement and storage must be outlined primarily based on built-in assessments of nationwide technology mixes and suppleness sources.

“Transitioning the present energy system from fossil fuels to renewables requires stronger and extra versatile energy grid networks. This may be supplied by power storage options, demand-side administration, and sector coupling applied sciences and methods. Significantly, power storage is one technical key enabler in direction of a totally decarbonised, 100% renewable energy system,” IRENA stated.

Alongside the principle World Power Transitions Outlook 2024, the IRENA Coalition for Motion has issued a separate doc detailing the preliminary findings of the primary of a collection of experiences it’s publishing that can provide detailed suggestions to policymakers on PV, storage, and grids.

The ‘Key enablers for the power transition photo voltaic and storage – preliminary findings’ report explores the significance of PV-storage hybrids in accelerating the power transition and highlights the “urgent” want for nationwide power storage targets.

It argues that “siloed” policymaking continues to “hinder the systemic shifts” wanted in power coverage and planning, particularly round power market operation, pricing mechanisms and finance.

The preliminary report argues that storage should be factored into grid modernisation and grid infrastructure enlargement planning on the idea that flexibility, and the way in which storage supplies it, can be a key driver of the power transition.

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